Why Did the Bitcoin Price Drop and Fail to Rebound as Expected?
Photo: Bitcoin Sistemi
Cryptocurrency analytics company Glassnode, in its new report evaluating the current state of the Bitcoin (BTC) market, explained the key factors behind last week's decline. According to the company, futures traders and spot Bitcoin ETF investors led the selling pressure, while on-chain data shows that new capital continues to flow into the market. According to Glassnode, Bitcoin briefly lost the gains it made last week from the price breakout three weeks ago. Falling below $81,000 on Thursday, BTC finished the week down approximately 3% despite a weekend recovery. On Monday, Bitcoin was trading below the $83,000 level.
Source: Bitcoin Sistemi
